Slot Revenue Down At Connecticut Casinos For The 12th Consecutive Month

Slot Revenue Down At Connecticut Casinos For The 12th Consecutive Month

Nothing seems to have been working for Connecticut casinos as the slot gaming revenue from its two casinos was once again down in June making it a consecutive 12 month of falling revenue. The regional competition has been blamed for the slumping revenue.

While Foxwoods Resort Casino posted a 12 percent year-on-year decline in June Mohegan Sun made only $46.9 million compared to  $49.4 million in June 2018.

Foxwood made  $35.3 million in June while it grossed  $40.1 million for the same period the previous year.

The casinos in Connecticut pay 25 percent of their winnings to the state. In the fiscal year ending June 2019, the state received only $255.2 million which was 6 percent less than what it received for the previous fiscal.

Connecticut casinos have been facing stiff competition from neighboring state casinos including MGM Springfield and Wynn Resorts’ newly opened Encore Boston Harbor Casino.

David Bednarz, a spokesman for Gov. Ned Lamont, said Wednesday: “The declining slot revenues are a reflection of increased competition in the region. The administration remains committed to exploring realistic opportunities to increase gaming revenue for the state while at the same time leveraging potential gaming expansion in ways that will foster and complement a broader and more comprehensive economic development strategy.”

Leave a Reply

Your email address will not be published. Required fields are marked *